Ravi Chandran
Bukit Timah Shopping Centre ground-floor unit for sale at indicative guide price is S$5.8 million, which works out to approximately S$2,707 per sq ft based on the strata area
CBRE announced on July 3 that it is pleased to offer for sale via Expression of Interest (EOI), a 999-year ground-floor unit in Bukit Timah Shopping Centre – a commercial development comprising a 7-storey podium and a 14-storey tower block.
CBRE is the exclusive marketing agent for the Bukit Timah Shopping Centre ground-floor unit for sale.
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With a prominent main road frontage along the bustling Upper Bukit Timah Road, the 2,142 sq ft ground-floor unit enjoys high footfall and is strategically located next to a public car parking facility, which gives added convenience to patrons. The Bukit Timah Shopping Centre ground-floor unit has obtained the rare approval of a ‘Bar/Pub’ and is currently tenanted.
Consequently, the Bukit Timah Shopping Centre ground-floor unit will appeal to investors looking to purchase a unit with immediate and stable rental income as well as owner occupiers seeking space for their own use. CBRE said that subject to approval from relevant authorities, potential alternative uses – including cafes, healthcare, educational, showroom, retail, fitness center, home & living and lifestyle business – can be explored.
Ms Sophia Lim, Manager, Capital Markets at CBRE said, “This is a rare opportunity for both investors and end-users to own a 999-year ground-floor unit with ‘Bar/Pub’ approval that is within a shopping mall in the matured Bukit Timah estate, and at an attractive price. Units on the ground floor in the mall are usually tightly held and are seldom made available for sale due to their high visibility and the heavy human traffic flow. This is evident from the limited number of transactions within the development over the last three years – only one 193-sq-ft retail unit on the ground floor was transacted at S$3,432 per sq ft in 2017.”
“The indicative guide price is S$5.8 million, which works out to approximately S$2,707 per sq ft based on the strata area. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty, so both foreigners and companies are eligible to purchase the property,” added Ms Lim.
Bukit Timah Shopping Centre commands excellent visibility and is conveniently located within 100 meters to Beauty World MRT Station. It is also well connected to other parts of Singapore via major arterial roads, such as Clementi Road, Bukit Timah Road and the Pan Island Expressway.
The Bukit Timah Shopping Centre ground-floor unit is nestled within the matured and affluent Bukit Timah neighborhood, one of Singapore’s largest private landed residential enclaves. On the back of the residential catchment, the family-centric mall is home to enrichment centres, as well as family-oriented shops, services and other amenities.
The Expression of Interest exercise for the Bukit Timah Shopping Centre ground-floor unit closes on 6 August 2019, Tuesday at 3pm.
With the winding down of the success of residential en bloc sales, commercial properties are now trying to join in the bandwagon. Many commercial en bloc sale attempts fail because the asking prices are often too high. Two critical factors affecting the success of commercial sites going en bloc are pricing and location. Older commercial buildings especially, may see a need to catch the current wave as an exit strategy as their rental yields come under pressure due to competition from newer commercial buildings.
The government’s swift response to curb home price growth in July last year, has tampered the prospects of residential properties as attractive investments. Investors looking for alternatives to park their money could divert their attention to shophouses as they are not subjected to this round of purchase or sales restrictions.
The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
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